TPG Asia in Multiple Transactions With Property Guru
August 3, 2021
Cleary Gottlieb is representing TPG Asia in a number of transactions involving its portfolio company, PropertyGuru Pte. Ltd. (Property Guru), including:
- Property Guru’s acquisition of REA Group’s operating entities in Malaysia and Thailand. Upon closing of the transaction, REA Group will receive an 18% equity interest in Property Guru.
- The entry into a business combination agreement with Bridgetown 2 Holdings Limited (Bridgetown 2), a special purpose acquisition company formed by Pacific Century Group and Thiel Capital LLC. Upon closing of the business combination, the combined company is expected to begin trading on the New York Stock Exchange. The combined company is expected to have an enterprise value of approximately $1.35 billion.
- In connection with the business combination, certain investors have agreed to subscribe for shares in the combined company for aggregate gross proceeds of $131 million (PIPE financing).
The REA transaction was signed on May 30, 2021, and closed on August 3, 2021.
The business combination and PIPE financing was signed on July 23, 2021, and is expected to close in the fourth quarter of 2021 or the first quarter of 2022.
Property Guru is one of Asia’s leading property technology companies that provides digital property marketplaces to match buyers and tenants with sellers and landlords; digital marketing services for property agents and developers; SaaS-based sales process automation for property developers, a digital mortgage marketplace and brokerage; and property data consultancy services for banks, valuers, and property developers.
REA Group is an ASX-listed, global digital business, which is majority-owned by Rupert Murdoch’s News Corp. and specializes in property marketplaces, property technology, and data assets.